Transcript of "Iftekhar's papers on an evalution of the trade relations of bangladesh with asean"
European Journal of Business and Management www.iiste.orgISSN 2222-1905 (Paper) ISSN 2222-2839 (Online)Vol 4, No.8, 2012 An Evaluation of the Trade Relations of Bangladesh with ASEAN: Justification of Being a Future Member Mohammad Shahidul Islam1 Iftekhar Uddin Ahmed Chowdhury2* 1. Assistant Professor, School of Business, University of Information Technology & Sciences 2. Lecturer, Faculty of Business Administration, BGC Trust University Bangladesh * E-mail of the corresponding author: firstname.lastname@example.orgAbstractThe government of Bangladesh wants to reduce the dependency of export from West by creating new market to Eastand South East Asian countries. The paper aims to evaluate the present trade performance of Bangladesh withASEAN countries and to provide the strategies to develop this trade relationship. The data of export and import ofBangladesh with ASEAN countries has been analysed for the period 1999-2010 in this study. The study has usedfinancial ratio, percentage, mean, growth, covariance, and hypothesis test etc. for analysis of data and drawinginferences. Our results indicate that the growth rates of export are fluctuating but increasing positively and theaverage growth rate of export is 16%. The average import from ASEAN is 16%, while the average export to ASEANis only 1.6%. The growth rates of trade deficit are positive with increasing trend and the average growth rate of tradedeficit to ASEAN is 18%. The export-import ratio of Bangladesh with ASEAN countries is steady with fluctuatingtrend and the average export-import ratio to ASEAN countries is 0.06 but the total export–import ratio of Bangladeshis 0.57, which is much higher. To improve the country’s overall trade balance, especially trade balance with ASEANcountries some policy recommendations are offered in this paper.Keywords: ASEAN, Export, Import, Export-Import Ratio, Trade Deficit.1. IntroductionThe Association of Southeast Asian Nations or ASEAN established in 8 August 1967 in Bangkok by five originalMember Countries, namely, Indonesia, Malaysia, Philippines, Singapore and Thailand, has, for long, been the onlyofficial organization that pursued regional economic integration in East Asia. It is responsible for several economicintegration initiatives in East Asia including the ASEAN Free Trade Agreement (AFTA), the ASEAN FrameworkAgreement on Services (AFAS) and the ASEAN Investment Area (AIA). As part of the ASEAN vision 2020, it aimsto establish an ASEAN Security Community, ASEAN Economic Community, and ASEAN Socio-CulturalCommunity by 2020. Most of these initiatives came about in the late 1990s as part of the shift in ASEAN’s policiestowards regionalism. This change played out in the form of several regional and bilateral trade agreements. While theagreements were largely between ASEAN economies, many also included South Asian countries like Bangladesh,India, Myanmar, Nepal, Bhutan, and Sri Lanka. The ASEAN Annual Report 2010-2011, states that the ASEANregion now has a population of about 600 million, which is 8.8% of the worlds population, a total area of about 4.5million square kilometers, which is 3% of the total land area of Earth, a combined gross domestic product ofUS$1.8 trillion, and trade volumes are running at more than US $1.5 trillion per annum (ASEAN, 2011). If ASEANwere a single entity, it would rank as the ninth largest economy in the world. Traditionally, Bangladesh has had veryclose commercial and other links with most of the ASEAN member countries due to her geographic as well asstrategic proximity. These contacts have been reinforced through Bangladeshs participation in the Bay of BengalInitiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) and Asia Cooperation Dialogue(ACD) where Bangladesh has been active as a founding member. The ASEAN Regional Forum (ARF) was formedin accordance with the 1992 Singapore Declaration of the ASEAN Summit where the ASEAN Heads of State andGovernment declared their intention to intensify dialogues with external partners on political and security matters. Atpresent ASEAN Regional Forum (ARF) has in total of 27 members. Bangladesh formally joined the ARF in 2006-2007. As a comprehensive regional organization, ASEAN provides a venue for the exchange of views and a tentativeunderstanding with the member countries of Southeast Asia. The expansion of ASEAN to a grouping of 10, theinclusion of Myanmar and the emergence of the ASEAN Plus Three (APT) process, means that Bangladesh nowstands directly at ASEAN`s western door and is being drawn still closer to Chinas strategic periphery. It is thereforethe gateway between APT and South Asian states. There is a need for widening and deepening economic cooperation 202
European Journal of Business and Management www.iiste.orgISSN 2222-1905 (Paper) ISSN 2222-2839 (Online)Vol 4, No.8, 2012between ASEAN and South Asian states based on mutual advantage that might, in turn, lead to a greater share ofglobal trade. Bangladesh needs to justify the claim to become the future member of ASEAN, which in turn, mightimprove the trade relationship with ASEAN member countries.1.1 Statement of the ProblemThe majority of the export of Bangladesh has occurred with EU and NAFTA countries, but it is risky due to uncertainproblems related with export to these countries and our dependency on them, which may cause serious damage to oureconomy. So, we have to improve the trade performance with Eastern countries especially with ASEAN countries toreduce the dependency on export to West. In this regard, Bangladesh wants to develop the trade relationship withEastern countries and has adapted the Look East Policy. As a part of Look East Policy, Bangladesh has become themember of BIMSTEC and ARF. The research aims to evaluate the present trade performance of Bangladesh withASEAN countries and to provide the strategies to improve these trade relationships. From the relevant literaturereview it is seen that a very few research has been found on quantitative aspects which motivates us to conduct thisresearch. This research will provide the guideline and explain the importance to become a member of ASEAN.1.2 Objectives of the Study The present study has two specific objectives: i) To analyze the trade performance of Bangladesh with ASEAN in respect of Trade. ii) To provide some policies for developing the trade performance of Bangladesh with ASEAN member countries.1.3 Hypothesis of the Study To study the trade performance of Bangladesh with ASEAN, we test the following hypotheses: i. H0: The growth rate of total trade deficit of Bangladesh with ASEAN and the growth rate of total trade deficit with the whole world are equal. ii. H0: The export-import ratio of Bangladesh to ASEAN countries and the export-import ratio with whole world are equal.2. Literature ReviewPanini (2010) in her study titled “Institutionalizing Linkages between ASEAN and Bangladesh: Challenges andProspects” examined that Bangladesh’s moderate economic growth intertwined with economic liberalization andtrade linkages with ASEAN countries are expected to strengthen the ASEAN-Bangladesh Relations. Dynamic shiftof ASEAN in its structure and relations enables neighboring countries like Bangladesh to seek institutionalization oflinkages with ASEAN. Institutionalization of this relationship between ASEAN and Bangladesh fosters investmentand trade flows, social and cultural exchanges as well as technical cooperation to cope with the challenges of 21stcentury stemming from global economic recession and other transnational forces worldwide. Study explores therecent trends and future prospect of ASEAN- Bangladesh relations taking into consideration the policy optionswithin a trans-regional context evolving under the framework of economic realism.Nag (2005) has conducted a study on “Trade cooperation and performance in east and south Asia: towards a futureintegration”. The article highlights the rationale for, and impact of, regional or subregional free trade arrangementsin the Economic and Social Commission for Asia and the Pacific (ESCAP) region and suggests that there isconsiderable potential for further trade cooperation between the various free trade arrangements formed in thedifferent subregions of ESCAP. In this regard, the paper makes a number of recommendations that emphasize theneed for the bigger economies of the region to take the lead in furthering trade liberalization.Alom (2005) in his study on “Bangladesh’s Engagement with ASEAN: Retrospect and prospect” focuses that as partof its reorientation of economic and foreign policy, Bangladesh adopted ‘look east’ policy to engage with thecountries to the east (ASEAN+3) to increase trade and investment relations with them. Geographical proximity withASEAN entertains Bangladesh of a greater scope of mutual cooperation with these countries. It is assumed thatBangladesh’s engagement with East Asia will economically benefit the country and enhance mutual cooperation.Seemingly, the ‘look east’ policy has made a boom in the imports of Bangladesh from the ASEAN countries. But itsexports to these countries have remained unchanged. 203
European Journal of Business and Management www.iiste.orgISSN 2222-1905 (Paper) ISSN 2222-2839 (Online)Vol 4, No.8, 2012Sally and Sen (2005), in the combined study titled ‘Whither Trade Policies in Southeast Asia: The Wider Asian andGlobal context,’ analyzed the trade policies in Southeast Asian countries in their wider Asian and global contexts.The paper looks at recent trends in trade and FDI patterns in ASEAN and summarizes key trade-policy features inASEAN countries. Further, it examines ASEAN countries in international trade negotiations and agreements; firstwithin ASEAN, second on cross-regional FTAs, and third in the WTO, especially in the Doha Round.Sarmad and Mahmood (1988), in their combined study titled “Prospects for expanding trade between SAARC andASEAN countries”, investigate the determinants of trade flows between the countries of the South Asian Associationfor Regional Cooperation (SAARC) and of the Association of South East Asian Nations (ASEAN). The results showthat while the high intensity of bilateral trade of these countries is not explained by high complimentarily, a policy ofnon discriminatory import liberalization in ASEAN countries would significantly benefit the SAARC countries interms of export expansion.3. Research MethodologyThis paper is an analytical one. Only secondary data has been used for this research work. Data related to ASEAN-Bangladesh relationship and their policies have been collected by focusing on trade (e.g., Export, Import, Tradebalance, and Export-Import ratio) and other economic issues from the Foreign Ministry of Bangladesh, BangladeshBank, Export Promotion Bureau Bangladesh, Bangladesh Bureau of Statistics, and Bangladesh Economic Review.Full use of relevant books, journals and internet sources is made in order to make this study informative andmeaningful. We took the data of export and import of Bangladesh with ASEAN countries for 11 years starting fromthe financial year 1999-2000 to 2009-10. The data has been analysed with the help of different financial & statisticaltechniques. The study has used financial ratio, percentage, mean, growth, covariance, hypothesis test etc. foranalysing data and drawing inferences.4. Trade Relations of Bangladesh with ASEAN Countries: An OverviewBangladesh has strong historical trade links with ASEAN countries. The links among Bangladesh, Malaysia andSingapore have been strengthened in more recent times by having shared a common colonial experience, underBritish rule. The British brought Bangladeshi to work in the plantations and railways of the Malay Peninsula, andmost of them stayed on at the end of their indenture or contract. The presence of Bangladesh in South East Asia mayalso be seen through their natural occupation as traders, particularly evident in port cities such as Singapore, Penangand Bangkok. Brunei recognised Bangladesh quickly with other Southeast Asian countries (Muslim majority nationslike Indonesia and Malaysia in particular). Both countries are looking to increase trade & investment such asBangladeshs pharmaceutical products and Bruneis oil in particular. Brunei also imports manpower fromBangladesh. Education is another part of their relations such as the Brunei Darussalam Government Scholarship forCommonwealth Countries. Defense relations are improving although Bangladesh is expecting more trainee officersin the future. Bangladesh signed trade agreement on August 4, 2006 with Cambodia in Phnom Penh. Bangladeshsmajor export items to Cambodia are readymade garment, footwear and leather goods, knitwear, pharmaceuticals,table wear, home linen, textile, seafood and marine products, tea, potato, jute and jute goods, light engineeringproducts, spices, cosmetics, ceramic, melamine products and toiletries. Major import items from Cambodia are—cotton, edible oil, fertilizer, clinker, staple fiber, yarn, and capital machinery. Indonesia along with other non-ArabMuslim countries such as Malaysia, Turkey and Afghanistan immediately recognised Bangladesh. Relations havegone into different areas such as trade & investment, cultural exchange and peace keeping. Malaysia is the largestASEAN investor in Bangladesh and Malaysian companies have invested $1.3 billion in 59 projects in 2007 in areassuch as telecommunications, textiles and financial sector. However the trade balance is overwhelmingly inMalaysias favour, during the 2009-10 fiscal year, exports were a mere 4057.6 million taka compared to 85235.1million taka in imports. Trading between the two nations are increasing especially in pharmaceutical exports with anumber businesses are calling for a Free Trade Agreement to balance out the trade deficit. Many Malaysiancompanies have shown keen interest to participate in infrastructure projects here such as power generation, sea portdevelopment, waste disposal system, construction of roads and highways as well as in the service sector such aseducation and healthcare. As a part of their interest, recently they have come to an agreement with Bangladeshgovernment regarding Padma Bridge construction. On the other hand, the bilateral ties with Myanmar are good,despite occasional border strains and an influx of more than 270,000 Muslim refugees (known as "Rohingya") frompredominantly Buddhist Burma. Both countries discussed the possibility of linking the two countries together in an 204
European Journal of Business and Management www.iiste.orgISSN 2222-1905 (Paper) ISSN 2222-2839 (Online)Vol 4, No.8, 2012attempt to boost their trade and commerce relations. They estimate to complete the 25 km highway at the cost of $20million. Another aspect of this plan is to connect the highway to the Asian Superhighway which would connect thetwo countries to China. Recently, new air service has been inaugurated between these two countries. Singapore andBangladesh were founders of the Asian Union. A sizable number of Bangladeshi migrant workers are currentlyworking in labor-intensive jobs in Singapore. Bangladesh was the first South Asian and second Asian nation toestablish relations with South Vietnam at an ambassadorial level. Vietnam closed its embassy in Dhaka for financialreasons and reopened it in January 2003. Relations between the nations are good and they maintain good cooperationon an international level in organizations such as the United Nations, Non-Aligned Movement and ASEAN regionalforum. Bangladesh has supported Vietnam as a candidate for a non-permanent seat in the UN Security Council andrequested Vietnam to support its participation into ARF, ASEM, EWEC, and MGC. Thailand is a key country inBangladeshs "Look East" policy and relations have begun to increase and diversify into different areas. However,with the "Look East" policy is introduced in its foreign policy agenda in 2002, Bangladesh has made a constructivestep in exploring its Eastern horizon, namely its South East and East Asian neighbors.5. Analysis and Findings5.1 Export PerformanceFrom the table-2 and 4, figure-1 is drawn and from the table-2, 3, and 4, the figure-2 is drawn. The followingsections are discussed on the basis of table-2, 3 and 4, and figure-1 and 2. At a glance, it can be seen that the totalamount of export from Bangladesh to ASEAN Countries has increased moderately over the period in nominal terms(Tk. 392.15 Crore in 1999-00 to Tk. 1962.68 Crore in 2009-10). The percentage of export to ASEAN countries hasnot significantly changed over the periods and the percentages of export to ASEAN countries are 1.84%, 1.64%,1.45%, and 2.25% in the fiscal year 1999-00, 2002-03, 2006-07, and 2009-10 respectively, which is steady withfluctuating trend. While the average percentage of export to ASEAN countries from Bangladesh is 1.6% only. Theaverage growth rate of export is 16% and the growth rates of export are 30.03%, 26.25%, and 3.37% in the year2000-01, 2004-05, and 2009-10 respectively, which are fluctuating but increasing positively.5.2 Import PerformanceClearly, the total import from ASEAN countries has increased sharply over the period in nominal terms (Tk. 5768.91Crore in 1999-00 to Tk. 29296.59 in 2009-10). The growth rate of import has increased over the periods which are7.44%, 22.59%, 5.90% in the year 1999-00, 2005-06, and 2009-10 respectively. The average growth rate of importfrom ASEAN countries to Bangladesh is 18%. The percentage of import from ASEAN countries to total import ofBangladesh are 14.88%, 16.88%, 14.02%, 18.97 in the fiscal year 1999-00, 2003-04, 2007-08, 2009-10 respectively,which indicates that the percentage of import from ASEAN countries is slightly decreasing but steady over the lastfew years. The average percentage of import from ASEAN is 16%, but the average export to ASEAN from thiscountry is only 1.6%. So the amount of import from ASEAN countries is much higher than the amount of export toASEAN countries from Bangladesh.5.3 Trade BalanceThe trade balance of Bangladesh with ASEAN countries is of great concern. It has always been in deficit over thedecades. The total trade deficit has increased over the period (Tk. 5376.76 Crore in 1999-00 to 27333.91 Crore in2009-10). The growth rate of trade deficit with ASEAN is positive with increasing trend (5.68% in 2001-02, 10.88%in 2004-05, 33% in 2007-08, and 12.64% in 2009-10). The average growth rate of trade deficit with ASEAN is 18%,which is compared with the growth of total trade deficit of Bangladesh under t-test (see table-1).5.4 Hypothesis Test i. H0: The growth rate of total trade deficit of Bangladesh with ASEAN and the growth rate of total trade deficit with the whole world are equal. ii. H0: The export-import ratio of Bangladesh to ASEAN countries and the total export-import ratio with the whole world are equal. 205
European Journal of Business and Management www.iiste.orgISSN 2222-1905 (Paper) ISSN 2222-2839 (Online)Vol 4, No.8, 2012Table-1: Paired Samples Test Paired Differences 95% Confidence Interval of the Difference Std. Std. Error Sig. (2- Mean Deviation Mean Lower Upper t df tailed) Growth of Trade Deficit to ASEAN –Pair 1 2.6970 18.3221 5.7939 -10.4098 15.8038 .465 9 .653 Growth of Trade Deficit of Bangladesh Export-Import Ratio to ASEAN –Pair 2 -.5127 2.370E-02 7.174E-03 -.5287 -.4968 -71.7444 10 .000 Export-Import Ratio of BangladeshFrom the table-1(pair-1), it becomes explicit that the calculative value of t is 0.465, and the table value of t is 2.262at 5% significance level. It indicates that there is no significant difference between the total trade deficit ofBangladesh with ASEAN countries and the total trade deficit with the whole world.5.5 Performance of Export-Import RatioThe export/import coverage expresses the trade balances in terms of a ratio of its components rather than adifference. The export/ import coverage is the ratio of total exports to total imports. It tells us whether or not acountry’s imports are fully paid by its exports in a given year. The export-import ratios of Bangladesh with ASEANcountries were 0.07, 0.05, 0.09, and 0.07 in the year 1999-00, 2003-04, 2005-06, and 2009-10 respectively, which aresteady with a fluctuating trend. The average export-import ratio of Bangladesh to ASEAN countries is 0.06, but thetotal export-import ratio of Bangladesh to the whole world is 0.57 which is much higher. Here it has been tested withthe help of t-test. The result shows that the p-value is 0.00 which is less than 0.05 (from table-01, pair-2). It indicatesthat the export-import ratio of Bangladesh to ASEAN countries is less than the total export-import ratio ofBangladesh to the whole world. This implies that the import is very high over export.5.6 Analysis of Exported ManpowerThe factors of production are land, labor, and capital. The population of Bangladesh is about 16 crore. We have todevelop this huge population as skilled and semi skilled human resources. From the appendix-4, it is seen that thenumber of Bangladeshi workers in Malaysia and Singapore were 12402 and 39581 respectively in the fiscal year2008-09. They sent $1943.98 million and $1136.71 million respectively from these two countries as foreignremittance in 2008-09. Beside these there are many people working in Japan and South Korea at present. So, we canget the opportunity of more manpower export to these countries in future.6. Recommendations 6.1 Bangladesh has to develop the bilateral relationship with the ASEAN member countries. The area of relationship will be in the field of export of goods including non traditional goods, export of manpower, export of services including tourism, culture, and education. 6.2 Bangladesh needs to diversify its export items ensuring better quality products to increase exports to ASEAN countries. The country should seek interim concessionary trade arrangement with ASEAN for reducing the existing huge trade gaps that at present favours the ASEAN countries. 6.3 Export diversification requires extensive research on foreign markets. So Bangladesh needs to provide a product or service to foreign customers according to their needs to increase sales in the international market. 6.4 Bangladesh has to develop the communication infrastructure including: road, railway and deep sea port to attract foreign investment and trade. 6.5 Bangladesh has to develop new foreign policy of Ministry of Commerce (MOC) and Ministry of Foreign Affairs (MOFA) to close the existing trade gap with ASEAN countries. 6.6 Bangladesh has to link with Asian High way and Trans Asian Railway as per the desired root (Chittagong- 206
European Journal of Business and Management www.iiste.orgISSN 2222-1905 (Paper) ISSN 2222-2839 (Online)Vol 4, No.8, 2012 Teknaf-Meiktela-Kuming) as soon as possible. 6.7 Bangladesh has to negotiate and keep lobbying to become the member of ASEAN which may improve the trade relationship with ASEAN member countries.7. ConclusionThe export of Bangladesh is mainly with Western countries, which is on average 86%. So, Bangladesh governmentwants to reduce the dependency of export on West by creating new market to East and South East Asian countries.For this reason, Bangladesh took the Look East policy as a foreign economic diplomacy. The growth rates of exportare fluctuating but positively increased and average growth rate of export is 16%. The percentages of import fromASEAN countries to total import of Bangladesh are slightly decreasing but steady over the last few years. Theaverage import of Bangladesh from ASEAN countries is 16%, but the average export to ASEAN countries fromBangladesh is only 1.6%. So the percentage of total import from ASEAN Countries is much higher than thepercentage total export to ASEAN countries from Bangladesh. The growth rates of trade deficit are positive withincreasing trend and average growth rate of trade deficit is 18%. The export-import ratio of Bangladesh with ASEANcountries is steady with fluctuating trend. The average export-import ratio to ASEAN countries is 0.06 but totalexport–import ratio of Bangladesh is 0.57 which is much higher. There is further scope of research in this field toidentify the ways for increasing the export and improve the trade relationship with ASEAN.ReferencesAlom, Md. Morshed (2005). Bangladesh’s Engagement with ASEAN: Retrospect and Prospect. SEA ThesisResearch, Students’ Theses, MA in Southeast Asian Studies, Chulalongkorn University. Available online athttp://www.seachula. com/books.htm (2005).ASEAN (2003). Southeast Asia: a free trade area. Available online at http://www.aseansec.org (20 November 2003).ASEAN Secretariat (1997). ASEAN Vision 2020, Second Informal ASEAN Summit, Kuala Lumpur, December 14-16, 1997. Also available at http://www.aseansec.org/5228.htmAsia-Pacific Trade and Investment Report (2010). Bangkok. Available online at http://www.unescap.org/tid/ti_report2010/home.asp.ASEAN Annual Report (2010-11). Jakarta: ASEAN Secretariat, Available online at http://www.aseansec.org/publications/AR1011.pdf. (July, 2011).Asia-Pacific Trade and Investment Report (2011). Post-crisis trade and investment opportunities. Available online athttp://www.unescap.org/tid/publication/aptir2596.pdfB. Nag. (2005). Trade Cooperation and Performance in East and South Asia: Towards a Future Integration. Asia-Pacific Development Journal, Vol. 12, No.-1.14 Bangladesh Bank Statistics Department (2005). Annual Export Receipts: 2004-2005, Dhaka, Bangladesh Bank:Printing & Publication Department. Available: www.bangladesh-bank.org/econdata/index.phpBangladesh Bank Statistics Department. (2005). Annual Import Payments: 2004-2005, Dhaka, Bangladesh Bank:Printing & Publication Department. Available: www.bangladesh-bank.org/econdata/index.phpBangladesh Bank Statistics Department (2009). Annual Export Receipts: 2008-2009, Dhaka, Bangladesh Bank:Printing & Publication Department. Available: www.bangladesh-bank.org/econdata/index.phpBangladesh Bank Statistics Department. (2009). Annual Import Payments: 2008-2009, Dhaka, Bangladesh Bank:Printing & Publication Department. Available: www.bangladesh-bank.org/econdata/index.phpBBS. (2006). Statistical Pocketbook of Bangladesh, Bangladesh Bureau of Statistics, Dhaka, Bangladesh.BBC News Online (2009). What drives the Rohingya to sea?. Available on: http://news.bbc.co.uk/2/hi/7872635.stm(February 5, 2009).Bangladesh Bank Statistics Department (2010). Annual Export Receipts: 2009-2010, Dhaka, Bangladesh Bank:Printing & Publication Department. Available: www.bangladesh-bank.org/econdata/index.phpBangladesh Bank Statistics Department. (2010). Annual Import Payments: 2009-2010, Dhaka, Bangladesh Bank:Printing & Publication Department. Available: www.bangladesh-bank.org/econdata/index.php 207
European Journal of Business and Management www.iiste.org ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online) Vol 4, No.8, 2012 Bureau of Manpower Employment and Training (BMET), Economic Review: 2011. Bureau of Manpower Employment and Training (BMET), Dhaka, Bangladesh. (December, 2011). EPB (Export Promotion Bureau). (2008). Bangladesh Export Statistics 2007-2008. Export Promotion Bureau, Dhaka, Bangladesh. Available online at www.epbbd.com/ExportStat.html Foreign Trade Statistics in Bangladesh, Statistical Yearbook (2008), Bangladesh Bureau of Statistics, Ministry of Planning, Dhaka. GOB. (2009). Export Policy 2009-2012, Ministry of Commerce, Government of Bangladesh, December, 2009. GOB. (2010). Foreign Trade, Exchange Rate Management and External Sector. Bangladesh Economic Review, Finance Division, Ministry of Finance, The Government of Bangladesh, Dhaka. Irna (2008). Bangladesh, Myanmar pledge to resolve disputes over maritime borders. Available on: http://www.abitsu.org/?p=2 (July 24, 2008). Ministry of Foreign Affairs (2010), Dhaka, Bangladesh. Available at www.mofa.gov.bd (September, 2010). Parnini, N. Syeda (2004). ASEAN Plus Three in Bangladesh’s Foreign Policy: In Search of a New Economic Role in the Era of Globalization. International Political Economy, University of Tsukuba: Japan, pp. 25-50. Parnini, N. Syeda (2005). New Dynamics of Regionalization in East Asia: Evolving ASEAN Plus Three and Challenges for Bangladesh. SARID Journal, Cambridge: MA., pp. 1-23. Parnini, N. Syeda (2010). Institutionalizing Linkages between ASEAN and Bangladesh: Challenges and Prospects. International Journal of Arts and Sciences, 3(13): 375-392. Razeen Sally and Rahul Sen (2005). Whither Trade Policies in Southeast Asia? The Wider Asian and Global context. ‘ASEAN’, Economic Bulletin 22 No. 1, pp., 92-115. Remittance (2011). Bangladesh Economic Update, Vol. 2, No.8, September 2011 Economic Policy Unit Unnayan Onneshan. Sarmad, Khwaja and Mahmood, Riaz (1988). Prospects for expanding trade between SAARC and ASEAN countries. Pakistan Development Review. - 27(2) pp. 131-136. Soesastro, Hadi (2000). ASEAN 2030: The Long View, in Simon SC Tay et el (eds.), A New ASEAN in a New Millennium (Jakarta: Center for Strategic and International Studies), pp. 187-227. APPENDIX TABLES: Table-2(A). Bangladesh’s Export to ASEAN Countries and rest of the world, 1999-2010. (Values in Crore Taka) Year/ Total ASEANs Growth of Growth of Philippines Myanmar Indonesia Singapore Cambodia Malaysia Thailand ASEAN Export to Total Export Vietnam Export to World Share Brunei Laos Countries ASEAN (%) ASEAN (%) (%)1999-2000 0.90 0.17 35.32 0.60 35.79 3.42 4.68 90.40 187.90 32.96 392.15 21266.73 1.84 18.54 2000-2001 2.23 0.09 28.49 0.76 33.01 3.82 4.60 164.09 120.34 52.80 410.24 27652.97 1.48 4.61 30.03 2001-2002 4.64 0.21 29.34 0.00 33.06 4.73 2.62 147.61 69.77 68.08 360.05 25958.99 1.39 -12.23 -6.13 2002-2003 6.48 0.78 44.03 0.00 21.55 8.73 14.98 240.22 79.74 39.14 455.64 27863.95 1.64 26.55 7.34 2003-2004 1.73 4.86 43.64 0.00 36.73 16.49 39.90 176.10 73.22 87.45 480.13 34525.57 1.39 5.37 23.91 2004-2005 3.06 4.92 122.26 0.00 56.04 14.27 28.89 262.13 64.25 101.36 657.19 43589.85 1.51 36.88 26.25 2005-2006 3.27 6.22 101.94 4.19 79.09 71.88 23.40 524.49 158.59 150.51 1123.57 53463.25 2.10 70.97 22.65 2006-2007 2.69 7.54 131.79 1.62 86.74 20.83 37.17 403.41 149.28 154.73 995.80 68466.09 1.45 -11.37 28.06 2007-2008 3.01 5.07 140.22 1.58 141.89 44.67 24.91 314.91 47.18 103.00 826.44 75137.69 1.10 -17.01 9.74 2008-2009 1.99 4.62 135.11 1.95 187.64 34.55 87.80 390.90 243.17 118.97 1206.70 84423.80 1.43 46.01 12.36 2009-2010 1.33 10.73 291.17 64.84 408.76 38.05 246.65 524.70 156.58 219.87 1962.68 87269.10 2.25 62.65 3.37 Total 31.33 45.21 1103.31 75.54 1120.30 261.44 515.60 3238.97 1350.01 1128.88 8870.59 54961800 17.58 212 176 Average 2.85 4.11 100.30 6.87 101.85 23.77 46.87 294.45 122.73 102.63 806.42 49965.27 1.60 21 16 Std. 1.59 3.47 78.42 19.27 114.25 21.50 70.45 150.24 61.75 56.40 491.29 24964.73 0.34 32 12Source: Annual Export Receipts 2009-2010, Bangladesh Bank Statistics Department 208